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Quebec’s provincially owned pot retailer SQDC sees growth plateau amid strike

Montréal — Quebec’s provincially-owned cannabis retailer says its growth has plateaued for the first time despite an increasing number of pot shops because some two dozen stores have been affected by strikes.

On both a volume and dollar basis, the Societe quebecoise du cannabis says its sales remained stable in its 2022 to 2023 fiscal year, a shift away from the sustained growth it saw over the last four years.

The SQDC had total sales of $601.9 million and 106,526 kg of cannabis in the 2022 to 2023 fiscal year, which compared with $600.5 million and 106,448 kg the year earlier.

It blamed the plateau in the period ended March 25 on 24 cannabis stores whose employees have mostly been on strike since May 2022 as they seek better wages.

The affected stores are being operated by their managers and have remained open but on a reduced scheduled.

While total sales remained flat, the SQDC said profits were up, totalling $94.9 million for the last fiscal year compared with $75.7 million the year before.